Duff & Phelps Investment Management Co. Cuts Position in BXP, Inc. $BXP

Duff & Phelps Investment Management Co. decreased its position in BXP, Inc. (NYSE:BXP) by 13.8% during the third quarter, HoldingsChannel.com reports. The fund owned 828,949 shares of the real estate investment trust’s stock after selling 132,805 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in BXP were worth $61,624,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BXP. Norges Bank bought a new position in BXP during the second quarter valued at $686,886,000. Vanguard Group Inc. boosted its holdings in shares of BXP by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 24,470,390 shares of the real estate investment trust’s stock worth $1,651,017,000 after purchasing an additional 1,016,579 shares during the period. Franklin Resources Inc. boosted its holdings in shares of BXP by 354.0% in the 2nd quarter. Franklin Resources Inc. now owns 870,178 shares of the real estate investment trust’s stock worth $58,711,000 after purchasing an additional 678,529 shares during the period. Bamco Inc. NY purchased a new position in shares of BXP in the 2nd quarter worth approximately $38,580,000. Finally, Daiwa Securities Group Inc. increased its position in shares of BXP by 70.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,138,083 shares of the real estate investment trust’s stock valued at $76,787,000 after purchasing an additional 472,221 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BXP. Mizuho lowered shares of BXP from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $79.00 to $62.00 in a research note on Tuesday, February 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $79.00 target price on shares of BXP in a research note on Thursday, January 29th. Scotiabank lowered their target price on shares of BXP from $74.00 to $65.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Truist Financial dropped their target price on BXP from $74.00 to $70.00 and set a “hold” rating for the company in a research report on Monday, February 2nd. Finally, Barclays lowered their target price on shares of BXP from $81.00 to $66.00 and set an “overweight” rating for the company in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $75.00.

Insider Buying and Selling at BXP

In related news, EVP Hilary J. Spann sold 5,495 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $59.69, for a total transaction of $327,996.55. Following the transaction, the executive vice president directly owned 17,832 shares of the company’s stock, valued at $1,064,392.08. This represents a 23.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Owen D. Thomas sold 1,198 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.22, for a total transaction of $73,341.56. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 7,887 shares of company stock worth $476,930. 1.49% of the stock is owned by company insiders.

BXP Stock Performance

Shares of BXP stock opened at $52.15 on Thursday. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 29.97, a PEG ratio of 2.28 and a beta of 1.01. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 2.21. BXP, Inc. has a 52-week low of $49.72 and a 52-week high of $79.33. The company’s 50 day moving average is $62.62 and its 200 day moving average is $68.80.

BXP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 29th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Wednesday, December 31st. BXP’s dividend payout ratio is currently 160.92%.

BXP Company Profile

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.